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It is getting progressively cheaper to pollute the atmosphere. The price of permits to emit carbon dioxide has crashed, falling to 9.30 euros ($12) per tonne of CO2 on Tuesday, close to the all-time low of 8 euros.
In the medium to long term, this might affect the European Union’s ability to meet its ambitious targets for reducing emissions by 20% by 2020 relative to 1990 levels. A low price is bound to have more immediate effects too.
Will it affect the Kyoto targets?
Unlikely. Put simply, this is because the Kyoto targets are already built into the European carbon trading scheme
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